《大行》国泰海通：全年南向增量供给料逾1.2万亿人币下半年港股是增量资金市

AASTOCKS2025-08-11

国泰海通发表有关港股流动性报告指，综合IPO和再融资，年内后续融资规模或近3,000亿港元。IPO方面，目前已获上市委批准的数量为9家，还有207家在审核队列中，考虑后续上市所需时间，预计今年后续IPO融资规模或在1,500亿港元左右。其次，目前超80家A股上市公司计划赴港，对于已备案/递交材料的企业，预期潜在增量流动性需求约2,100亿港元；对于公告上市计划的企业，类似估算的潜在增量流动性需求约...

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Hong Kong stocks will be an incremental capital market in the second half of the year","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"601211":0.9,"02611":1,"HSCEI":1,"HSTECH":1},"content_text":"国泰海通发表有关港股流动性报告指，综合IPO和再融资，年内后续融资规模或近3,000亿港元。IPO方面，目前已获上市委批准的数量为9家，还有207家在审核队列中，考虑后续上市所需时间，预计今年后续IPO融资规模或在1,500亿港元左右。其次，目前超80家A股上市公司计划赴港，对于已备案/递交材料的企业，预期潜在增量流动性需求约2,100亿港元；对于公告上市计划的企业，类似估算的潜在增量流动性需求约1,200亿港元。考虑到上市所需时间，预计今年后续A to H规模或在1,000亿元，由此推测港股整体IPO或在1,300亿至1,500亿港元。再融资方面，假设后续港股再融资保持年初以来增速，则年内新增再融资需求或在1,200亿港元。报告指，港股第二季度解禁高峰已过，后续关注新消费解禁压力。第二季是港股解禁的高峰期，解禁总金额达4,448亿港元，占全年的五成。尽管二季度解禁市值大幅增加，但港股股整体并未净减持。往后看，整体减持压力有限，但高估值且解禁集中的新消费或存在压力。该行指，年内后续港股资金流出项整体压力或相对可控，全年南向净流入规模有望超过1.2万亿元人民币，外资有望边际改善，下半年港股是增量资金市，或为港股资金蓄水池提供源源活水。往后看，以内资机构为代表的南向资金仍有较为可观的增配空间：公募方面，若按港股基金合同规定的港股投资比例上限测算，预计全年公募基金总规模有望达3,000亿至4,500亿元人民币；险资方面，受益于保费规模稳步增长，预计全年险资实际增量有望达2,500亿至4,000亿元左右人民币。另外，近年来外资持续流出港股市场，当下外资配置中国资产的比例已降至历史低位，接下来外资或将边际改善。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2558635574","isCrawlerRequest":true}

《大行》国泰海通：全年南向增量供给料逾1.2万亿人币 下半年港股是增量资金市

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《大行》国泰海通：全年南向增量供给料逾1.2万亿人币下半年港股是增量资金市